Property News & Updates

Finally, it seemed the blockbuster $638 million sale of Shunfu Ville sealed in May 2016 may eventually go through as planned. The largest enbloc deal since 2007 - property developer Qingjian Realty on the 4th Jan 2017 obtained High Court approval for the collective purchase of Shunfu Ville estate.

The Straits Times reported that two owners who had objected to the sale were at the High Court yesterday, but were not represented by lawyers. No written judgment was issued, but the objecting owners have 30 days to file an appeal.

Each flat owner stood to pocket an average of $1.782 million, after they had agreed to lower the reserve price from $688 million to $638 million. But Qingjian faced a hiccup in October 2016, when five owners objected to the sale. This meant that the deal needed High Court approval. Owners can object on grounds such as financial loss, even after the sale committee gets the requisite percentage of owners' approval.

The Straits Times understands that three of the objecting parties eventually withdrew their objections. It is not clear why the two remaining owners are objecting.

Adana @ Thomson is a freehold development located at Upper Thomson Road, sitting next to Lower Pierce Reservoir Park.

Qingjian Realty (South Pacific) Group, which had hoped to build a project of 30 to 36 storeys, has been told by the Urban Redevelopment Authority (URA) to stick to a 21- to 23-storey limit.

Qingjian managing director Li Jun told The Straits Times the company was "very happy" to have obtained the High Court's approval and while the company would wait 30 days, in case of appeal, it was examining plans and designs for the estate.

A version of this article appeared in the print edition of The Straits Times on January 05, 2017, with the headline 'High Court approves Shunfu Ville collective sale'.